BitMEX’s former CEO Arthur Hayes believes that Bitcoin bulls aren’t out of the woods yet. the former CEO of BitMEX recently expressed concern that the value of cryptocurrencies might plummet by another 50% in the coming weeks.
A warning has been made by Arthur Hayes, the former CEO of BitMEX, that greater forced selling is on the horizon for cryptocurrencies.
According to Hayes, the market is now evaluating “who is swimming nude,” to borrow a famous Warren Buffett quotation.
Bitcoin’s price fell to its lowest level since the beginning of December 2020 on Saturday, when it fell below $17,600. According to Hayes, a massive cluster of stop-loss orders precipitated the severe sell-off. This resulted in a huge decline in the stock’s value.
An really unpleasant bear market is taking place at the same time. Altcoins like Solana and Polkadot have already lost around 90% of their value from their all-time high.
cryptocurrency business, where major firms like Celsius and Three Arrows Capital are collapsing at an alarming rate. Additional prominent members of the financial community may be left without bathing suits at this point.
Purpose Bitcoin ETF Sold 24,500 Bitcoins
On Friday, the Purpose Bitcoin ETF, a Canadian bitcoin ETF, sold 24,500 bitcoins, according to Hayes. About half of the fund’s assets are invested in just one asset class.
Since then, the Bitstamp platform’s price of Bitcoin, the most precious cryptocurrency, has returned to $20,629 USD. This suggests that Bitcoin bulls aren’t out of the woods yet. Hayes does not rule out future forced sales since bitcoin lenders have poor risk management and “generous” loan conditions.
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